Category: Residential mortgages
In the North East, a 5% deposit would require a savings pot of £10,653 for the average new-build homebuyer in the region.
The biggest gains in the past six months were in Scotland and the South East, with over-65s gaining more than £13,000 and nearly £12,000 respectively.
Aaron Strutt at Trinity Financial said: “Many borrowers are not aware that lenders offer more generous income multiples, particularly to higher earners.”
The reductions mean HSBC UK is offering its lowest ever interest rate of 0.94%.
The average price of property coming to market this month has increased by 1.8%, £5,767, to 333,564.
Average house prices increased by 11.7% across England and Wales in the year to April 2021, according to e.surv Chartered Surveyors’ House Price Index.
Its 75% LTV product is now available at 0.75%, and its 70% LTV product is offered at 0.70%.
Metro Bank has increased its income multiple up to 5.5 times annual earnings, subject to an affordability assessment.
Perhaps the biggest retail casualty has been Debenhams, which has already liquidated 52 stores with the remaining 45 to close by 15 May.